贝莱德（IBIT）在加密ETF应用中引发的电荷领导

IBIT很快就确立了美国最大的比特币ETF，吸引了395.7亿美元的流入。

Nasdaq, Inc. has filed a proposal with the U.S. Securities and Exchange Commission (SEC) on behalf of asset manager BlackRock, seeking approval to allow in-kind creation and redemption for its spot Bitcoin exchange-traded fund (ETF).

纳斯达克公司已代表Asset Manager BlackRock向美国证券交易委员会（SEC）提出了一项提案，寻求批准，以允许其现货比特币交易所交易基金（ETF）的实物创建和赎回。

The BlackRock iShares Bitcoin Trust (IBIT) currently trades on the New York Stock Exchange Arca, and the January 24 filing outlines a proposed rule change that would authorize participating parties to use Bitcoin directly, rather than cash, for creating new shares or redeeming existing ones.

贝莱德ishares比特币信托（IBIT）目前在纽约证券交易所ARCA上进行交易，1月24日提起的概述拟议的规则更改将授权参与方直接使用比特币而不是现金，以创建新股份或赎回现有的股票。

Authorized participants, typically large financial institutions, are involved in the primary market activity of ETF creation and redemption. They can use this mechanism to efficiently adjust the supply of ETF shares in response to demand.

授权参与者（通常是大型金融机构）参与了ETF创建和救赎的主要市场活动。他们可以使用这种机制来有效调整ETF股票的供应，以响应需求。

In a post on X, Bloomberg ETF analyst James Seyffart argued that BlackRock “should have been allowed to do this from the beginning” when IBIT debuted in January, alongside ten other U.S. spot Bitcoin ETFs.

在X上的一篇文章中，彭博ETF分析师詹姆斯·塞法特（James Seyffart）辩称，当伊比特（Ibit）与另外十位美国斑点比特币ETF一起在1月首次亮相时，贝莱德“应该从一开始就可以做到这一点”。

Wow. Way too many questions and this stuff goes pretty deep in the weeds. So i'll keep it high level and answer "What does this mean?" Not all that much for individual retail investors. Mostly what it means is that ETFs should trade even more efficiently than they already do… pic.twitter.com/LWYsKmo5sH

哇。太多的问题，这些东西在杂草中很深。因此，我将保持高水平并回答“这是什么意思？”对于个人零售投资者来说，这并不是那么多。主要的意思是，ETF的交易应该比已经更有效的交易……pic.twitter.com/lwyskmo5sh

“The main point is that the In-kind model is way more streamlined with less steps and less parties involved,” Seyffart wrote. 

Seyffart写道：“要点是，实物模型更加精简，较少的步骤，而涉及的各方则更少。”

The proposed model offers greater efficiency for ETFs by bypassing bid/ask spreads and broker commissions, which these funds typically incur when selling a basket of assets to generate cash for share issuance. However, cash-based creation still provides more flexibility for fund participants.

拟议的模型通过绕过投标/询问差价和经纪委员会来为ETF提供更大的效率，这些资金通常在出售一篮子资产来产生现金以进行股票发行时产生。但是，基于现金的创造仍然为基金参与者提供了更大的灵活性。

Chris J. Terry, Chief Architect at Bitseeker Consulting, emphasized that the proposed mechanism aims to benefit liquidity providers, ultimately enhancing ETF liquidity. He also pointed out that in-kind redemptions help improve tax efficiency by minimizing capital gains distributions, which is advantageous for long-term investors.

Bitseeker Consulting的首席建筑师克里斯·J·特里（Chris J. Terry）强调，拟议机制旨在使流动性提供者受益，最终增强ETF流动性。他还指出，实物赎回有助于通过最大程度地减少资本收益分配来提高税收效率，这对长期投资者来说是有利的。

The filing arrives as the crypto ETF sector sees increased activity, with multiple new applications being submitted on the same day.

随着加密ETF部门认为活动的增加，该文件的到来是在同一天提交的多个新应用程序。

IBIT Leads the Charge Amid Surge in Crypto ETF Applications

IBIT领导加密ETF应用的激增。

Since its launch, IBIT has quickly established itself as the largest spot Bitcoin ETF in the U.S. It has attracted $39.57 billion in inflows, as reported by data from Farside.

自从伊比特（Ibit）推出以来，伊比特（Ibit）迅速将自己确立为美国最大的现场比特币ETF，它吸引了395.7亿美元的流入，如Farside的数据所报道。

Meanwhile, U.S.-based investment firms Osprey Funds and Rex Shares have formally submitted filings to the SEC, aiming to seek approval for a series of cryptocurrency ETFs. Among these proposed funds are those targeting well-known meme coins like Dogecoin, Official Trump (TRUMP), and Bonk.

同时，总部位于美国的投资公司Osprey基金和REX股票已正式向SEC提交文件，旨在寻求一系列加密货币ETF的批准。这些拟议的资金包括针对著名的模因硬币，例如Dogecoin，官方特朗普（特朗普）和邦克（Bonk）。

The investment firms also outlined plans to introduce ETFs that would focus on leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETHER), Solana (SOL), and XRP. These funds would hold the actual spot cryptocurrencies, as well as related financial derivatives.

投资公司还概述了介绍ETF的计划，该计划将重点放在比特币（BTC），以太坊（Ether），Solana（Sol）（Sol）和XRP等领先的加密货币上。这些资金将持有实际现货加密货币以及相关的金融衍生品。

Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

Michaela没有加密货币职位，也没有任何加密资产。本文仅用于信息目的，不应将其解释为财务建议。 Shib Magazine和Shib Daily是Shiba INU加密货币项目的官方媒体和出版物。鼓励读者进行自己的研究，并在做出任何投资决策之前咨询合格的财务顾问。